Milford, MA Business Space

This community is located in Worcester County. It had a population of 27,999 in the 2010 U.S. Census. The town has a total territory of 14.9 square miles, with 1.82% of that being water. The Charles River flows through the eastern side of town.

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A Great Place for Business Space

The community has been an ideal location for business since its early days. The local waterways powered the mills during the Industrial Revolution and the presence of valuable veins of pink granite caused the community to develop as a mining center. This business-friendly climate has continued into the present day, promoted by the town’s good transportation infrastructure. Massachusetts Routes 16, 85 , 109, and 140 all pass through the town, as does I-495, the major north/south artery that spans the entire width of the state. This 120-mile corridor has helped strengthened the local economy and continues to make it a promising location for business space.

The Neighborhoods of the Community

There are five neighborhoods in the town. The following is a brief description of each one:

Town Center

This central part of town is the least expensive in property prices. The median real estate price is $288,421. This is a historic district, with many of the buildings having been constructed before 1940. The Charles River flows along the eastern edge of this area. The Milford Town Park is in the northeast corner of the neighborhood.

Rocky Hill

This area is in the southeastern corner of the town. The median real estate price is $325,850. Much of the construction in this area has occurred since 1970. The neighborhood is bordered by I-495 on its eastern edge and the Charles River on its western side. Milford Pond, a 120-acre lake, is located in the western side of the neighborhood.

Prospect Street/Main Street

This is the southwestern corner of the town. It has a median real estate price of $328,697. This is a historic area, with many buildings dating before 1940. Prospect Heights Park is located in the southern area of this neighborhood.

West Street/Fiske Mill Road

This area is in the town’s northwestern corner. It has a median real estate price of $342,307. This is a relatively newer section of town, with most building construction dating from 1970 and forward. The neighborhood is bordered on the west by the Mill River, which flows into Mill Pond, a 48-acre lake that was created by a dam constructed on Beaver Brook in the 1800s. The pond is a popular place for canoeing and kayaking.

North Milford

This neighborhood forms the northern border of the town. I-495 passes through the center of the neighborhood. Property prices are more expensive than any other neighborhood, with the median real estate price of $368,021. Much of the construction in this area took place from 1970 to 1999.

Leasing Business Space

This community has a good number of business spaces available for lease. Recently, there were 12 properties listed. These ranged from a 2,008 square-foot space with a rental rate of $0.89 a square-foot per month to a 1,800 square-foot space for $2.50 a square-foot per month. These spaces varied in type, from strip mall space, to historic building units, to freestanding building space. A typical example of available property in the community is a storefront space in Nathaniel Plaza. The 1,329 square-foot space is located in a shopping center built in 2005. It is located on Massachusetts Route 16 near I-495. The offered lease is a triple net. The rental rate is $1.42 a square-foot per month.

Buying Business Space

There have been four business space properties on the market recently. These have spanned a wide price range. At the low end is a freestanding 3,100 square-foot building built in 1986 that is located on Massachusetts Route 16 and listed for $599,900. At the upper end is a freestanding business building constructed in 1948. It has a gross leasable area of 15,345 square-foot. The list price is $2,500,000.

Listing Business Space

With such a large choice of business space available, the prospective seller must find a way to set his or her business property apart so that it attracts buyers’ attention. “Although commercial real estate is typically shown vacant,…[a property] might benefit from some furniture, artwork, simulated computers, and other items presented in a way that would appeal to the types of businesses you are trying to target,” recommended a commercial property expert.

For the person seeking a prime location to purchase or lease business space, this town has the right combination of positive qualities that make is a great choice. As one resident said, “Milford can be captured in a few words, diverse, open, beautiful, and community.”

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